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What is interoperability of exchanges and how does this affect my Equity and F&O trading?

SEBI proposed the idea of Interoperability amongst Exchanges/Clearing Corporations. (A clearing corporation ensures the settlement of your stocks and funds for each day's trading activity).

Currently, trades made through NSE are cleared through NSE Clearing Limited and BSE through ICCL. Interoperability between clearing corporations ensures that trades made on both NSE and BSE (Equity, CDS, and NFO) are settled through a single clearing corporation. Zerodha has chosen NSE Clearing Limited to clear all its trades. Zerodha will be operationalizing interoperability in the phased manner mentioned below:

Changes in ledger posting and Contract note format

Currently, if a client makes trades in NSE and BSE, he sees 2 obligation entries on his ledger, one each for the 2 Exchanges. After the implementation of interoperability, he sees only one entry for trades made in Equity segment (NSE+BSE), one entry for F&O and one for CDS.

Also, there’s a slight change in the contract note format. Currently, we group the trades based on the Exchange. After the migration to interoperability, we will group them based on the instrument.